PSB Insider

We’re halfway through the year so it’s time to slow down, take a deep breath and look at where your dealership is at halftime. In this episode, we’re going to check out more insights from the Synchrony Powersports research team and see how dealers can help drive engagement and repeat purchases through loyalty.

Did your dealership ride into the New Year full steam ahead or just roll in on fumes? Either way let’s hit the brakes for a moment! In this podcast we dig into 3 Synchrony consumer studies:  Generational Insights In Synch Consumer Monthly Tracker 9th Major Purchase Study These studies provide generational insights, tips and advice to help you steer your dealership in the right direction in 2024.  Episode 7 of Synchrony Insights is based on Generational Insights, conducted by Chadwick Martin Bailey on behalf of Synchrony, 2020, In Synch Consumer Monthly Tracker, conducted by Synchrony, January 2024, and Synchrony 9th Major Purchase Journey Study, conducted by RTI Research on behalf of Synchrony, September 2023.  This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

From the highs of consumers clamoring for pre-sale vehicles as manufacturers worked through supply chain issues to the lows of inflation barraging consumers and merchants alike, 2023 was a year to remember. Despite these speed bumps and unexpected turns, powersport dealers who have navigated the challenges of 2023 should be excited to use these lessons to their advantage in 2024.   Episode 6 POWERSPORTS INSIGHTS based on In Synch with Consumers, conducted by Chadwick Martin Bailey on behalf of Synchrony, September 2023, and Synchrony 9th Major Purchase Journey Study, conducted by RTI Research on behalf of Synchrony, September 2023.   This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

It’s time to shift gears as the peak summer rush cools down at powersports dealerships. But the changing season brings fresh opportunities to dominate your market. Tune in to this podcast to rev up your post-peak approach, whether you’re brushing up on consumer research, navigating the online customer journey or getting insights from your manufacturer representatives on 2024 model releases. Synchrony consumer financing solutions get you firing on all cylinders and help your dealership success heat up even as the temperature drops. Episode 5 Seasonal Insights based on “In Sync with Consumers” conducted by Synchrony, July 2023. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions

A year ago, many powersports dealers were scrambling to provide their customers with pre-owned equipment while manufacturers worked through supply chain issues limiting their ability to provide new vehicles. Today, supply issues have largely normalized, and dealers may find themselves with excess used inventory on their hands.  As once-red-hot values decline, dealers may be underwater with their pre-owned inventory even as they continue to pay carrying costs—a double whammy. Sound familiar? If so, this podcast is for you. You’ll get pointers and insights that help you rev up your pre-owned sales to the benefit of your bottom line—all while zeroing in on your customers’ needs and providing them with the service that helps set you apart from the pack.  Episode 4 Pre-owned Insights based on “Powersports Enthusiasts: Market Insights,” conducted by Synchrony, July 2022.  This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions

Synchrony research reveals that 97% of powersports consumers have purchased aftermarket items in the past 12 months. That’s almost all powersports dealership customers surveyed.   As a dealer, you’re well aware that parts and service can generate some of the highest margins in your business. What if earnings could be even higher in these departments? This episode of Synchrony Insights provides concrete action steps you can take in your business to help drive greater profitability and customer satisfaction.   Episode 3 Aftermarket Insights based on Outdoor PG&A Credit Product Study, conducted by Chadwick Martin Bailey on behalf of Synchrony, September 2021.   This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions

Consumers are placing more emphasis on the online portion of the buying process than ever before. This was a key takeaway in Synchrony’s most recent Major Purchase Journey Study, which surveyed more than 3,800 consumers who spent $500 or more on purchases in mid-2021, including power equipment and automotive. Two things are driving permanent changes in the consumer journey. One, people want to have confidence in their purchases—they want to know they’re making the right choice with the right retailer. Two, they want the process to be easy. They want to get in and get out with their desired product. All of this adds up to more time spent online researching options, prices and financing terms before they ever set foot in a powersports dealership. Dealers who are cognizant of these changes and embrace them will discover new opportunities to connect with their customers in the current environment and build a strong foundation for future adventures.   Episode 2 Ecommerce Insights based on 8th Major Purchase Journey Study, conducted by RTI Research on behalf of Synchrony, August 2021 and “Powersports Enthusiast Market Insights,”  Synchrony, July 2022. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

These days you can’t glance at your phone or flip on your TV without being barraged by news about inflation, market turbulence and consumer anxiety. With high prices expected to continue for the foreseeable future, consumers are increasingly anxious about the economy. As a powersports dealer, you may see all this bad news and be tempted to stress out. After all, your success is based on people wanting to have fun and find adventure, and financial uncertainty often makes them want to hunker down and cut recreation out of their budget. Don’t give up. Despite the negative headlines, this market presents significant opportunities for you not just to survive but to see your operation grow. Adjust your outlook and a few business tactics, and you’re likely to ride out the storm with a flourish.   Source: Episode 1 “Inflation Insights” based on “In Synch with Consumers: Synchrony’s monthly pulse on consumer sentiment trends,” conducted by Chadwick Martin Bailey, September 2022 Disclaimer: This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, “Synchrony”) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.